RIA to buy $300 million fixed-income business

RIA to buy $300 million fixed-income business
L.A.-based Lido Advisors intends to manage First Western Financial's fund business.
JUL 25, 2019

Lido Advisors, a Los Angeles-based registered investment adviser, will acquire the Los Angeles-based fixed income portfolio management team from Denver-based First Western Financial as well as over $300 million in assets currently held through First Western Capital Management Company. (More: Dynasty Financial boosts M&A tools for RIAs using its platform) The transaction also involves the potential management of First Western Funds Trust mutual fund assets and sub-advised assets of $228 million and $125 million, respectively, by a Lido Advisors affiliate, Oakhurst Advisors, Lido said in a release. Those arrangements require review and approval by the mutual fund board of trustees and shareholders. After the transaction, Lido and its affiliate will manage over $5 billion in assets, the company said. The transaction is expected to close on or about Sept. 30, 2019.

Latest News

Fintech bytes: Envestnet reaffirms $1B RIA commitment with Tamarac tech investment
Fintech bytes: Envestnet reaffirms $1B RIA commitment with Tamarac tech investment

Also, Orion has added BlackRock, Fidelity, and Vanguard to its custom portfolios suite, and RedBlack has set up a new headquarters after crossing a trillion-dollar milestone.

RIA moves: Maridea acquires multigenerational practice in Pennsylvania debut
RIA moves: Maridea acquires multigenerational practice in Pennsylvania debut

Also, New York-based Legacy Edge Advisors names its first-ever CEO, while Novare Capital Management hires a Vanguard veteran with a multigenerational planning focus.

Private equity eyes 401(k) plans, but fees remain a hurdle
Private equity eyes 401(k) plans, but fees remain a hurdle

Asset managers are racing to bring private market products to retirement plans, but cost and liquidity concerns linger.

IRS floats proposal ending tax breaks for schools that weigh race
IRS floats proposal ending tax breaks for schools that weigh race

Treasury's latest tax-exemption crackdown on private schools lands in the wake of a separate push to restrict refundable credits for some immigrant filers.

Trust over tech: The hidden signal of stock success in the AI era
Trust over tech: The hidden signal of stock success in the AI era

Workforce trust measures predicted which companies came out ahead during COVID-19. The same dynamic may now be playing out across the AI transition — and the data suggests the spread could be just as wide.

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income